Stellantis CEO Calls for Increased Incentives to Build Cars in Europe

MT Newswires Live10-12 17:52

Stellantis (STLA) Chief Executive Antonio Filosa has called on Europe to provide more incentives for carmakers to build vehicles in the region as Chinese companies increase their share of the European car market, CNBC reported Monday.

Filosa told CNBC that European regulators need to establish a level playing field for all manufacturers. Filosa said the bloc should start with "Made in Europe" regulation that incentivizes, rewards and protects companies that can demonstrate they design and engineer vehicles in the region.

Filosa acknowledged that Chinese automakers offer competitive prices and technology across several market segments, and the proposed legislation would introduce minimum local-content requirements for vehicles sold in the European Union, CNBC reported.

Stellantis did not immediately respond to requests for comment from MT Newswires.

Shares of the company were up more than 2.9% in pre-bell activity on Monday.

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